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Telit Communications sees full-year profits up 48 pct, debt reduced

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Machine-to-machine wireless technology specialist Telit Communications PLC (LON:TCM) is expecting full-year revenues to have risen 48 percent year-on-year and that debt has reduced considerably.

In a trading statement ahead of reporting results for the financial year to December 31 2010, Telit said unaudited revenues for the period will be at approximately US$132.0 million, up from US$88.8 million a year earlier.

Net debt is expected to be approximately US$7.8 million, compared with US$10.4 million at the end of 2009.

Telit will release its preliminary results for the year ended December 31 2010 at the end of March 2011.

Telit said in December it will continue to explore consolidation value enhancing opportunities in 2011.

According to analysts, there has been considerable consolidation in the M2M module market recently which is set to continue this year.

Quick facts: Telit Communications PLC

Price: 128 GBX

AIM:TCM
Market: AIM
Market Cap: £169.84 m
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